大摩：予百威亚太(01876)“增持”评级 目标价18.6港元

Core Viewpoint - Morgan Stanley has issued a research report maintaining an "Overweight" rating for Budweiser APAC (01876) with a target price of HKD 18.6, highlighting the company's strong sales performance in Q4 of the previous year, which exceeded both the bank's and market expectations [1] Financial Performance - In Q4, Budweiser APAC's EBITDA met expectations, while net profit slightly fell short due to higher tax rates [1] - For the fiscal year 2023, the average selling price of products increased by 6.2%, and sales volume grew by 4.6% [1] - The company's sales in the Chinese market for fiscal year 2023 rose by 12.8%, with sales volume increasing by 4.3%, aligning with industry growth [1] Market Position - Budweiser APAC outperformed its Chinese peers, driven by robust growth in its premium product segment [1] - In the mainland market, the average selling price naturally increased by 8.1% [1] Dividend Information - For the fiscal year 2023, the company declared a dividend of 5.29 US cents per share, with a payout ratio of 82%, compared to 3.78 US cents per share and a payout ratio of 55% in 2022 [1]